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How did the state’s pension plan for public safety people, the Public Safety Personnel Retirement System, get into such bad shape that many public safety agencies now have unfunded liabilities
Americans need thoughtful proposals for Social Security reform. Absent changes to the program, Social Security will be insolvent in a decade and benefits will be cut by 23 percent for all Social Security recipients. With $20.4 trillion in unfunded obligations—the equivalent of $157,000 per household—maintaining the program without structural changes would be incredibly costly.